Categories
General

Significance Of Metaverse In Cryptocurrency

Recently, we have been discussing us entering a new phase where artificial intelligence is turning into a reality. However, before going deep into this conversation, we need to understand its definitions, its actual limitations, and the reason behind such vast changes.

Artificial intelligence is supposed to replace human intelligence and ultimately destroy our control. It has also been predicted that machines are dominant creatures on the planet because of their catastrophic consequences on humanity.

It is still a bit of a stretch, at least for the foreseeable future, as advances in hardware and software development robotics have nothing to do with artificial intelligence. However, the development of metaverse crypto, VR, and gaming has made people rethink this singularity.

Internet Is Changing

According to the market analysis performed recently, it has been estimated that the opportunity in the metaverse market may reach up to $800 billion by 2024. It is considered an expected rise for the metaverse. However, people are still asking questions about the actual definition of the metaverse.

Currently, you might think of the Internet as a 2D space that is used for producing and sharing content, creating value, and connecting with anyone and anywhere. On the other hand, the metaverse is a virtual 3D space that enables you to perform every task you do today but is completely immersed via Virtual Reality and Augmented Reality. This space will make you think as if you are living in the real world. But, it will be in a Virtual Reality graphics-driven manner in which you will be able to interact, connect, transact, and create with others.

In a nutshell, metaverse will give you the experience of living on the Internet. And, it is going to open the possibility of creating a new world and economy. In this virtual world, you will be able to interact with people in a digital space.

Metaverse Is Unique

For a relatively long time, we have noticed the development of mainframe computers into personal computers and then, ultimately to mobile devices. However, in the metaverse, the emirson will not go on a faster device. Instead, they are making it possible for us to buy things in the real- world with the help of VR and AR. The connection of computers to the Internet led to their widespread adoption and the beginning of the dot-com era, with the last fifteen years clearly being dominated by cell phones and leading to widespread mass adoption, thereby making metaverse a very practical concept.

According to Matthew Ball, an outspoken supporter of Metaverse, these Metaverse are permanent, which means there will be no reset, pause, or exit. He also stated that it is going to be live unlike the Internet today. Also, the concurrent users do not have any limits, thereby making it different and unique from the metaverse today.

Crypto In The Metaverse Today

After the announcement of Mark Zukerberg concerning their remodeling of Facebook as meta, we witnessed a giant leap in cryptocurrency. Hence, it is clear that it is going to have a significant place in the metaverse. It is because both cryptocurrency and metaverse share a common principle, i.e., decentralization of fiscal ownership, thereby making both verifiable and immutable ownership convenient.

The monetary transaction in the virtual world should also be virtual. Hence, blockchain and cryptocurrency are going to be an integral part of the metaverse. A blockchain will make your transaction cryptographically secure.

Moreover, people’s interest in digital properties has spiked the demand for NFTs that are unique digital items. In this, the ownership and other information are coded in a token. Hence, NFTs are going to provide people ownership of their characters in the metaverse. Its ease of use – supported by advanced technology and the need for transparency – requires coding.

It will act as an inspiration for people to make more and better investments and trade. And, it can only be achieved when crypto will be integrated with VR/AR technology.

The advancement in AI and Neuromorphic computing will accelerate the approach of artificial general intelligence and enable us to witness a metaverse where an AI is indistinguishable from the human. It is definitely going to be the next big thing on the Internet.

Categories
General

9 Best Practices To Prevent Ecommerce Fraud

E-commerce is one of the most booming business dimensions today. The consumer and the merchant gain massively from this technological innovation. However, this has brought with it some novel ways of defrauding. Both the customer and the merchants are at risk of these frauds. Merchants should be ever vigilant and must have the knowledge to prevent e-commerce frauds effectively and quickly. Otherwise, they may lose a significant amount of money due to these fraudulent activities.

Ecommerce fraud prevention is definitely one of the most vital factors that merchants must concentrate upon. While it may seem very difficult, adopting certain best practices can help prevent fraud to a large extent.

  1. Follow the industry-specific modeling. A particular business must follow the way other concerns in the vertical take care of its e-commerce. The reason is that every industry generally sees a specific pattern of fraud. By following the model, the businesses can take care of most of these illegal activities as per the standard models. The concerned organization can also rely on their own data and not look at generalized data to pinpoint better prevention and resolution.
  1. Merchant errors must be avoided at all costs. It is estimated that about 20-40% of the chargebacks happen due to merchant error. Businesses need to be transparent about their billing descriptions and return policies to ensure customer satisfaction. If these things remain unclear, legitimate customers feel frustrated, resulting in reduced business. 
  1. Frauds happen with all businesses in the e-commerce area at some point in time. Organizations must remain vigilant and take care to reduce the chances of fraud at all times. Growing firms are particularly favorite of fraudsters because they often fail to scale their fraud prevention systems in line with their growth. It is always advisable to scale up the fraud prevention systems of a company as they grow. The fraud data should be analyzed to achieve this.
  1. Phishing attacks are responsible for the majority of frauds in e-commerce. Phishing is the process of sending spyware or malicious links in emails that look genuine. Email platforms often identify such emails, but there are many instances when the email providers fail to identify and flag potential phishing emails. Employees of an organization should avoid clicking on links in emails that they suspect to be malicious. They should not provide financial and any login credentials in any such links.
  1. There are vendor-specific tools available in the market. Businesses should take advantage of these tools to steer clear of most possible frauds in their industry. These tools provide essential data from the illegal activities that have already happened and help organizations from falling prey to similar attacks in the future.
  1. Records of business data can help merchants reduce their liability of chargebacks. As mentioned earlier in this article, merchants face a lot of chargebacks due to their errors. If proper record keeping of shipment data and receipts are kept, merchants can avoid losing revenue due to chargebacks. This data has long-term benefits for the merchant as it can help fight friendly frauds.
  1. Merchants can use address verification services or AVS to fight fraud. The AVS checks for a mismatch in the billing address as per the credit card. It tallies this with the address provided during checkout. Mismatch flags the transaction as potential fraud.
  2. Card Verification Value or CVV checking is one of the best practices to prevent card fraud. This is a three or four-digit code that is inscribed behind the cards. This is used to verify the authenticity of the transaction. The merchant cannot store the CVV data on their database as it is illegal.
  1. Merchants should ensure PCI compliance to reduce fraud to a bare minimum. PCI compliance means following the Payment Card Industry Security Standards Council’s rules to protect customer data. Merchants can access the PCI information from their website. This will help to know how to remain compliant with the guidelines. They can also stay updated about any changes and act accordingly.
  2.  

If merchants follow these best practices as mentioned above, they can reduce the chances of fraud to a large extent. The reduction of loss of revenue due to fraud can help them increase their earnings and provide better customer satisfaction.